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So the main point is if your looking to invest here, look in Detroit Metro not just inner city Detroit. Good luck!
The Agent most likely told you that because he/she 2016 Air Max Pink
Hey Scott. I have done over 70 deals in Detroit this past year. PM me and I will show you the deals I have found that are the most profitable.
QCD = quit claim deed. Meaning no closing / no titlework prepared you are on your own. Bank sells house for $1,000 you give them $1,000 for their rights in the home.
$30 35K all day long for beautiful brick homes in the nice parts repaired.
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$3 4K house CAN be in good areas heck I just bought 3 $750 homes and one $1,000 home including a 2,500 square foot duplex in a GREAT part of the city.
The 3k houses are in war zones stay away. The commission on a 50k house in Detroit isn much anyway. Tell me the neighborhood Air Max 2017 Men
So while I agree the realtor may be looking for a commission don do it I wouldn pay over $30 35K for a rehabbed home in the best parts of the city that will rent for $895 $935 all day long.
One of the most stable rental markets in the US for the past decase. Homes (mine anyway) rent and re rent in 2 4 weeks each and every time never a vacancy longer then that.
For instance, my recent deal was in a city bordering Detroit, this area consists of families and post college renters, and is becoming quite the trendy area. The house that i purchased is a 4 bedroom, 2 bath home for just under 10k. Needed minor rehab (4k) and will rent for 1k a month, and will attract better quality more responsible tenants.
and I can tell you if you should buy.
Assuming it isn a deal of the centuy and your buying a 500K home for $50K then your paying to much.
$50K for a repaired home in the nicer areas is to much. Having said that what hood is it in? There are million dollar areas of Detroit (The city not "metro") and there are several $500K hoods as well so it all depends on what area.
not buy anything less than 3 beds. 4 sided brick no slab foundations and make sure you have a garage. Be sure that if you are buying in Detroit that the property is fully rehabbed with a warranty. When you get the appraisal required MLS comps 6 months .5 miles radius MAX. Let me know the neighborhood.
If you do your homework before you buy and run your own title and call the water company your cool as you know what your getting into before you get into it but if you don you could get stuck with liens / high past water bill (water in Detroit follows the house not the person gas/electric follow the person not the house)
You now own any liens / water bills against the house meaning you owe it.
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Originally posted by Scott Walker:I from Houston and im just getting into REI. I was thinking about getting into the Detroit market and i talked to a real estate agent and he said the houses that are real cheap are a bad investment and he told me he found a house for $50k on the nicer side of Detroit with a tenant in it renting for $900 a month. But i see houses saling for 2 and 3 thousand dollars what is the better way to go?
People who do not know Detroit talk about the rental market or the war zones most are full of it.
wanted a nice sized commission, because as we know the commission on a $2 3k house isn that much. There are nice houses for $2 3K that banks need to get rid of. Most of the cheaper houses are okay, I lived in Detroit all of my life and have passed by and viewed the insides of these houses plenty of times. I agree with Jawsette, in addition to the condition of the house the numbers should also work. I can definitely help you navigate through the nicer deals in Detroit. I am not an agent, I am a fellow wholesaler and I make sure the deal looks good from all angles. Feel free to Private Message me.
Just be careful on the low dollar homes a lot are being offered on Nike Air Max Womens Green QCD only and your responsible for any taxes / water (today I had a list of 10 homes $10K and the back water came to $45K) so just be careful.
Another tip. TAXES. Do NOT believe the MLS listing. A lot of those homes have homestead exemptions. Taxes are roughly 3.5% similar to Dallas. Here is what you do. Get the SEV number from the tax accessors office. Then on the website you will find a calculator use that. Let me know if you need help. I also have a friend selling houses in Detroit for over 10 years. If this deal doesn work for you I can get you connected with him as additional outlet.
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The thing about Detroit is it extends past its city limits. The majority of people live in the areas surrounding Detroit, hence "Detroit Metro". Yes you can buy houses for 3k in Detroit but the class of tenants is going to be much lower and you will come across some rough areas. Not to say that it cant be profitable, it definitely can, however, you can find great deals in the surrounding cites and townships as well.
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